The co-pending U.S. patent application Ser. No. 07/491,094 filed Mar. 9, 1990 for "Pressured Compensation Method And Apparatus For Underwater Equipment" discloses a system which uses a balloon to provide compensating air for an underwater device. This principle provides an inexpensive solution to pressure compensating underwater housings, however it has a drawback in that a first-timer user of the system may have difficulty in knowing exactly how much air to put into the balloon to compensate for a particular dive profile. If enough air is not placed in the balloon, the system may leak before the dive is completed or the apparatus within the waterproof housing may fail to function. Alternately, if too much air is placed in the balloon, the system will be unnecessarily buoyant and create handling problems.